My wife and I were looking to buy a condo since the last couple of months and have got one now. We close in mid June. In normal circumstances we should be very excited and looking forward to moving to our new home, but we're not. Here's the story:
We were looking to buy a bigger property in the same building we've lived in for the last 5 years and were actively looking in and around the neighborhood as well. but the preference was in our building itself . My wife met this agent in our building in one of the open houses and she asked her what we were looking for. After my wife told her our requirements, this agent then called her/us in a couple of weeks and said she may have found the perfect unit for us in our building. She said she'll ONLY disclose the unit number and more info if we sign a buyer/agent agreement with her. So we said we would BUT only exclusive to the sale of that particular unit.
Now that we did sign with her, she was "representing" both the seller and us (buyers). From the beginning we felt she wasn't working for us at all. She knew we liked the unit and wanted it, so she kept scaring us that if we put any condition the seller will not sell. We know the building so decided to go ahead and buy without any conditions. During the mortgage the property was appraised 20K lower than what we bought for. I raised a big red flag at the time but she kept telling us (and also got her mortgage guy-from RBC) to tell us that this happens all the time and that the people who appraise properties always undervalue it. She kept insisting her valuation is correct.
Just last week, an exact same unit like the one we bought has come on the market for 20K below what I will pay (we close in June), and this unit has better renos than the one I will get. Basically this agent, made a completely wrong valuation of the property and duped us to pay 25-30K more to the buyer.
I called her to ask for a explanation in the price difference between the unit she got us and this one that came on the market and she refuses to discuss. Has no answer, was extremely rude to me (and ironically she represents us), and basically said there's nothing she can do about it. She kind of told us to live with it now. This has upset both my wife and I and I feel I need to do something. We feel cheated and she has completely washed her hands off this sale as all she knows (and cares) is the double commission she'll make once we close in mid June.
I spoke to my lawyer too, if we can get out of this deal but he says we can't as there are no conditions. Not sure what to do now. We need some help and advise here. Much appreciated!